All Forum Posts by: Wei Xie

I have been using Zillow rental manager all along. But $9 per week is steep. Luckily, I am a realtor and can use MLS instead.

@Andrew Erickson I use MLS and Zillow. The former has actual closing price and day-on-market. The latter does not and I have to use estimate. But Zillow tends to have more rental properties. BTW, I am exclusively doing SFR.

Based on the price, the house could be old and may be in a not so good neighborhood. Therefore, $50/mo repair reserve seems too low. In addition, the interest rate seem too low. Unless you are buying as primary residence, I suspect the rate should be 5%+.

Hi Alaska, Greetings from a fellow OCer! OC is really expensive and I am afraid that your saving and income will be quite challenging for you to qualify for buy and hold. That being said, here are a few alternatives that you may consider: 1. Can you change to a better paid job? Or add some part time gigs. 2. Can you find someone to loan you the money and split profit with? If you do not have experience then the best bet is family. 3. Can you do wholesale or otherwise find deals for an investor to get paid? Just my 2 cents. Good luck!

From California Association of Realtors: C.A.R. to Issue Statewide Red Alert OPPOSING Rent Control Bill Tomorrow, C.A.R. is issuing a statewide Red Alert urging California REALTORS® to contact their Assembly members and urge them to oppose AB 1506 (Bloom, Bonta, and Chiu). C.A.R. opposes AB 1506, in its entirety, because it repeals C.A.R.’s co-sponsored Costa-Hawkins Rental Housing Act. Costa-Hawkins was enacted in 1995 in response to unchecked local rent control ordinances. Costa-Hawkins places limits on how and when local governments may impose rent control ordinances and specifically prohibits rent control from being placed on condos and single-family homes. AB 1506 would allow rent control to be enacted without limitation, discouraging the creation of rental housing and further impairing housing affordability. AB 1506 will be considered by the Assembly Housing and Community Development Committee on Thursday, Jan. 11, and is expected to pass. When you receive the Red Alert tomorrow afternoon, please respond immediately. The bill could be considered by the entire Assembly as soon as early next week.

From Apartment Association: On January 11, 2018, the California Legislature will vote in Committee to repeal the Costa-Hawkins Act. If they are successful, cities will be authorized to permanently control the rent of all properties. AB 1506 (Bloom) repeals the Costa-Hawkins Act. If it is approved by the Assembly Housing Committee on January 11, 2018, the Assembly Housing Committee will vote to grant local governments the power to prevent rent increases at the time of initial and subsequent rentals. The Assembly could also ban property owners from recovering costs when making improvements or repairs on all rentals, including single-family homes and condominiums. Owners will have no power or rights to reset rental rates to market when a unit becomes vacant. Rental property owners must raise their voices and speak out against this outrageous and targeted attack against rental property. If you live, work, own or manage property, please call Assemblymember Ed Chau, who sits on the Housing Committee, as soon as possible and ask him to VOTE NO on AB 1506 (Bloom). STEPS TO FOLLOW: 1) Call Assemblymember Ed Chau on or before January 9, 2018. 2) When the call is answered: a. Identify yourself and state you are a member of the Apartment Association California Southern Cities. b. Ask the Legislator to VOTE NO on AB 1506 (Bloom). c. Thank the Legislator’s staff for taking your call. Thank you for your continued support. Apartment Association, California Southern Cities 333 W. Broadway, Ste. 101 Long Beach, CA 90802-4438

@Vlad K. Thank you!

I noticed today's WSJ article on the Senate's bill includes a comment

"

Debt-reliant businesses would lose, too, under a provision that limits interest deductions to 30% of income.

"

The original link is https://www.wsj.com/articles/senate-passes-sweepin...

Does it apply to mortgage interest? Any thoughts on it?

Thanks, -Wei

@MARK MULATTIERI I ran into a similar situation and had thought for a while to write a check payable to ALL tenants. However, my bank teller told me that an app or website deposit software may not be checking the signatures as diligently as a human teller, which means that the check could still get deposited into one tenant's account without all signatures. 

Therefore, I told my tenant to agree on the individual return amount and then I prepared a form with the agreement and had all of them to sign. If they cannot reach consensus then I will hold the security deposit in an escrow account until they do. Hope that helps you.

I think you need to talk to a legal counsel or paralegal to get the answers. It may depend on your local court's custom as well.